CBI Cracks Down: ₹2,434 Crore Fraud Case Filed Against Jai Corp & Anand Jain

Mumbai(The Uttam Hindu): The CBI has filed a fraud case against Jai Corporation Ltd and its director, Anand Jain, involving Rs 2,434 crore, following a Bombay High Court directive. The investigation also includes Urban Infrastructure Venture Capital, Urban Infrastructure Trustees Ltd, and other related entities.

The case originated from a petition by activist Shoaib Richie Sequeira, accusing the company of misusing public funds, defrauding investors, and engaging in financial misconduct, including round-tripping funds through offshore shell companies and generating fake invoices. It is alleged that Jai Corp Ltd and its subsidiaries colluded to misappropriate Rs 4,255 crore obtained from financial institutions and investors.

Sequeira had lodged complaints with the Economic Offences Wing (EOW) of Mumbai Police and the Enforcement Directorate in December 2021 and April 2023. In 2023, the EOW forwarded the case to SEBI, stating it fell under its regulatory scope. Later, the EOW requested the CBI to take action, citing the large-scale nature of the alleged fraud, its involvement across multiple jurisdictions, and links to nationalized banks, a Mauritius-based private equity fund, and financial transactions connected to the US, Australia, and the UAE.